A person starts his own business. quitting ajob in which he was making $125,000 a year. He has revenues of $329,000 for the year. Expenses include $170,000 for wages to employees, $10,000 for utilities, $125,000 for materials, and $5,000 for gasoline in a car he leases for $15,000 a year. He also uses a building he owned that had produced $30,000 a year in rent. He also contributed capital to start the business which could have earned a normal rate of return is $35,000. His implicit costs for the year were 0100,000 0325,000 0155,000 035.000 His accounting protoss for the year would be 04,000 0-151 ,000 0-1ss,000 0029,000 His economic proUloss for the year would be 04,000 0-151 ,000 O-1sa,000 0429,000